FxWirePro: NZD/USD holds above 0.65 handle, scope for downside on break below

NZD/USD chart on Trading View used for analysis

• New Zealand unadjusted monthly trade deficit widened $90m in September to $1,560m, hits new record. 
   
• NZD/USD has pared losses and edged higher from session lows at 0.6502, but poor showing in equities likely to keep upside capped.
   
• The pair's bearish bias remians intact as long as 5-DMA resistance holds.
   
• Break above 5-DMA could see test of channel top at 0.66. Bearish invalidation only on channel breakout.
   
• On the flipside, next major support lies at 0.6425 (lower BB) ahead of 0.6424 (Oct 8 low).
   
• Focus now on U.S. Q3 GDP data for further impetus. 

Support levels - 0.6425 (lower BB), 0.6424 (Oct 8 low)

Resistance levels - 0.6548 (5-DMA), 0.66 (55-EMA and channel top)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.